Does Polygon Set For Reacquiring the $1 Mark Ahead?

Aug 23

The Polygon has earned more than 32.19% gains this week and has propelled a breakout from a falling wedge pattern.

As of writing, it ranks 19th globally based on its market cap, which amounts to $5.321 Billion, and it last traded at $0.5341 with an intraday gain of 1.5%.

x.com/0xPolygon/status/1824448701307179255

This month's bullishness in the asset was due to several reasons, and one of those driving was the upgradation of MATIC to POL optimism starting September 2024.

Over a broader structure, the analysis showcased that the breakout occurred after a 145-day decline, making it a nearly 73% deterioration. With this month's rise, the deterioration remained 58% from the first quarter's peak.

The improvement in price is displayed and optimism for further acceleration has increased in Polygon. The 50-day EMA has been pierced, and the price is set for a 200-day EMA to cross.